Billionaire Bitcoin evangelist Tim Draper has said that Bitcoin and cryptocurrencies will see a temporary decrease before skyrocketing to $80 trillion within the next 15 years, Deal Street Asia reports.
Draper compares the current state of cryptocurrencies to that of the early days of the Internet before it took the world by storm.
Speaking at the DEALSTREETASIA summit in Singapore on Wednesday, Draper said: “The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here.”
Draper explained that the reason for the downturn in the market is because people are not yet accustomed to it. Once people are familiar with cryptocurrencies and begin adopting them, several billion dollar industries around the world will be revolutionized.
“I think it’s going to have such a transformative effect on industries that we never even imagined would be transformable. The internet went after industries that were $10-100 billion-dollar markets, cryptocurrency will go after trillion-dollar markets – these are finance, healthcare and insurance, banking and investment banking, and governments,” he said.
Draper is a longtime advocate of cryptocurrencies, Bitcoin in particular. In 2014, he paid $18 million for 30,000 Bitcoins that had been confiscated by US Marshalls. If he were to sell them today, he’d stand to make a profit of over $170 million.